Priscilla Chan

Mark Zuckerberg said Friday that Facebook is withdrawing plans to create a new class of stock that would have let him keep tight reins on the social media company even as he sold down his stake to fund his philanthropy.

Zuckerberg had said in April 2016 that the plan for the new shares would let him fund his philanthropy goals while keeping control of Facebook. But shareholders sued, arguing the move would give an unfair economic advantage to the company's founder.

A class-action trial on the matter was due to start next week in Delaware but was called off with Zuckerberg's announcement. He had been slated to testify during the trial.

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